Red Sea signs SAR 245.8 mln deal with Baker Hughes

Logo of Red Sea International

Red Sea International Co. signed a seven-year contract worth SAR 245.8 million with Baker Hughes to design, manufacture, supply and manage remote mobile modular buildings to support its oil drilling operations in the Eastern region

The company said in a bourse statement that the camps consist of various fully-furnished modular units that are used as administrative offices and accommodations, built of high-quality components to sustain the harsh weather conditions and continuous mobilizations to different locations.

The contract also entails providing facility management services, including catering, laundry, power generation, garbage collection and sewage treatment.

The revenues and profits will be realized starting from Q1 2022 and there are no related parties to the contract.

The company uses high-quality local products and manufactures modular units in its local, regional and international manufacturing facilities to meet the housing requirements, catering and food services for various strategic projects, especially those initiatives emanating from Vision 2030.